In coordination with the U.S. Office of Personnel Management, the U.S. Department of Defense has expanded eligibility for a benefit that will provide military families with another financial option for reducing the burden of the cost of dependent care, ultimately bolstering military readiness. The Dependent Care Flexible Spending Account, or DCFSA, initiative provides accounts that allow eligible service members to set aside up to $5,000 per household in pre-tax earnings for qualified dependent care expenses.
Qualified expenses include child care, preschool, and before-and-after-school programs for dependents under 13 years of age, care for incapacitated family members of any age, and other eligible dependent care expenses that enable service members and spouses to work, look for work, or attend school full-time.
To learn more about DCFSAs and to learn how to reach a tax consultant or financial readiness professional, visit Military OneSource or Office of Financial Readiness.
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